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What you need to know
- The shares of Alphabet, the parent company of Google, surged Wednesday to a record high after it unveiled Gemini 2.0 as its latest AI-based model and U.S. president-elect Donald Trump appointed Andrew Ferguson to head the Federal Trade Commission.
- Gains were also made a day following the unveiling of Willow, a new quantum computer chip from tech giant.
- Bank of America’s analysts stated that Alphabet continues to be at the cutting edge of technology, even if the practical application could take years.
The shares of Alphabet, the parent company of Google (GOOGL and GOOG), surged more than 5% on Wednesday to reach a new high after the technology giant announced its latest AI model, Gemini 2.0, while Donald Trump, the U.S. president-elect, appointed Andrew Ferguson as the head the Federal Trade Commission.
Ferguson’s appointment has given hope to Alphabet, and other Big Tech firms that they can look forward to an improved FTC stance after being under regulatory pressure by the FTC during the tenure of current Chair Lina Khan.
'Alphabet Remains at the Leading Edge of Technology Innovation,' Analysts Say
Bank of America’s analysts told clients that the gains came a day following the unveiling of the new quantum chip Willow by the tech giant. “Alphabet remains at the leading edge of technology innovation.”
“Over the long term, quantum innovation has the potential to create a significant tech moat for Alphabet," the analysts said, though they noted commercial uses could be years away.
Analysts declared a buy” rating and $210 price target, representing a nearly 7% premium to Wednesday's closing price of Alphabet's Class C shares at $196.71.
With Wednesday's gains, shares of Alphabet have risen nearly 40% in 2024.
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